Argentina complied this Monday with a new payment to the International Monetary Fund. The cancellation was completed in a timely manner. This impacted the BCRA’s reserves.
As Ámbito anticipated, this Monday, November 6, The national government paid US$790 million (the equivalent of SDR 600 million, the unit in which Special Drawing Rights – SDRs are expressed) to the International Monetary Fund (IMF) for the interest that was due this week.
So, The Central Bank’s reserves remained at around US$21.1 billion, the lowest level since 2006after Néstor Kirchner decided to pay all the debt with the multilateral organization in one go.
The pay was made in yuan, coming from the expansion of the swap, which was approved a few days ago for the equivalent of US$6.5 billion (US$1=7.31 yuan), which ratifies China’s new role as a lender of last resort in the world.
Because it is a payment of interest and not outright disbursements, this payment cannot be postponed, in accordance with the rules established by the Fund.
The payment arrived just 13 days before the ballot and its exact impact on the BCRA’s reserves will be known this Tuesday given that it was held on Banking Day and there was no activity in banks, so the monetary regulator did not issue its daily variable report. This is a last disbursement before the next evaluation of goals to the IMF.
Note in progress.-
Source: Ambito
